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Exam 18: Starting Early: Retirement Planning

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Question 1

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Which one of the following expenditures for retirees is most likely to increase?

A) health care
B) federal income taxes
C) clothing expenses
D) work-related expenses
E) state income taxes

F) A) and E)
G) A) and D)

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Question 2

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Social Security was originally intended to provide 100 percent of retirement income.

A) True
B) False

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It is vital to engage in basic retirement planning activities throughout your working years.

Most people can qualify for reduced Social Security retirement benefits at age 62.

Employees who are covered under the Railroad Retirement System are also covered by Social Security.

Staying in their present home is the alternative preferred by most people who are approaching retirement.

Which federal law sets minimum standards for pension plans in private industry and protects more than 50 million workers?

Up to 85 percent of your Social Security benefits may be subject to federal income tax.

Vesting is your right to at least a portion of the benefits you have accrued under an employer pension plan.

Possible sources of income for many retirees include:

What are the possible sources of income for retirees?

An annuity is a contract from an insurance company that can provide an income for life.

Because of longer life expectancies,the full retirement age is greater than age 65 for younger individuals.

Immediate annuities provide income payments at once and are usually purchased with a lump-sum payment.

To boost demand for universal design homes,builders are marketing to families of all ages.

A three percent rate of inflation will cause prices to double every 24 years.

Social Security is the most widely used source of retirement income.

Immediate annuities are generally purchased by people of retirement age.

Which one of the following is not a typical characteristic of a defined contribution plan?

Which one of the following is the most widely used source of retirement income?